Cornerstone Bancshares Inc. has reported it had losses in its latest quarter and in 2009.
The parent company of Cornerstone Community Bank said it lost $2.96 million or 46 cents a share in the fourth quarter of last year. That compared to a loss of $436,000 or 7 cents a share in the same period a year earlier.
For 2009, Cornerstone had a loss of $8.1 million or $1.26 a share vs. net income of $2.5 million or 39 cents a share in 2008.
In a news release, Cornerstone said it anticipates positive earnings this year “as asset quality stabilizes and the associated expenses reduce to allow the bank’s efficiency to improve.”